Yeeha! Deficit up $181 Billion ... in ONE Month

Yeeha! Ride ‘em cowboys! The federal budget continues to stampede out of control and the mainstream media continues to ignore it. Here is how Walter Alarkon writing for The Hill reported the Democrat’s spending spree:

Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO).

Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in July.

[snip]

Spending through July of 2009 has increased by $530 billion, which is 21 percent over the same period in 2008. The bailout money for Freddie Mac and Fannie Mae accounted for almost half of the spending increase. Unemployment benefits have more than doubled, Medicaid spending has grown by a quarter and Medicare spending has increased by 11 percent.

Tax revenue for the first three quarters of 2009 has fallen by approximately $350 billion, or 17 percent compared to the same period last year….

The independent budget scorekeeper has projected the deficit to reach $1.8 trillion by the end of the fiscal year, Sept. 30. The deficit in 2008 reached $455 billion, which was a record at the time.

In other words, President Obama and the Democrat controlled congress will have beaten George W. Bush's record budget deficit by four hundred percent. And they told us Bush was a cowboy. Yeeha!